We compare mortgage interest rate and loan related closing costs at Drew Mortgage Associates LLC with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.14%)
Loan Related Closing Costs: higher than average (+$747)
Assessment: this lender tends to be a expensive lender.
This scoreboard is based on data reported to FFIEC. In the data, Drew Mortgage Associates LLC originated 396 mortgages, a national market share of 0.0%. It was most active in MA (0.3% market share), NH (0.1% market share), and CT (0.0% market share).
On average, Drew Mortgage Associates LLC’s interest rates were higher than those of comparable mortgages at other lenders (+0.14%).3The comparable mortgages control for Drew Mortgage Associates LLC’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $5519, which was higher than those of comparable mortgages at $4771, with a difference of +$747. Overall, we estimate that Drew Mortgage Associates LLC tends to be an expensive lender, with a cost-adjusted-rate difference of +0.19% compared to comparable mortgages at other lenders.4Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Drew Mortgage Associates LLC.
Drew Mortgage Associates LLC originated Conforming and FHA mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Home Purchase Mortgages from Drew Mortgage Associates LLC compared to other lenders
|Interest Rate Difference||+0.16%||+0.06%|
|Loan related Closing Cost Difference||+$1156||+$603|
|Cost Adjusted Rate Difference||+0.23%||+0.10%|
Based on the table above, Drew Mortgage Associates LLC is more expensive than other lenders for Conforming and FHA purchase mortgages.
Mortgage Refinancing from Drew Mortgage Associates LLC compared to other lenders
|Interest Rate Difference||+0.15%|
|Loan Related Closing Cost Difference||-$76|
|Cost Adjusted Rate Difference||+0.15%|
Based on the table above, Drew Mortgage Associates LLC is more expensive than other lenders for Conforming mortgage refinance.
Other information about Drew Mortgage Associates LLC:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: SHREWSBURY, MA, 01545